Singapore’s Monetary Authority (MAS) has stated it has no jurisdiction over Hyperliquid, a decentralized trading platform that nonetheless claims Singapore as its corporate headquarters. MAS justifies this position based on the protocol’s decentralized nature, which would place it outside the regulator’s scope despite the presence of a legal entity in the country. Hyperliquid Labs confirmed it is based in Singapore while stating that the platform is unregulated and has never been authorized by MAS. Financially, the protocol generated $730.5 million in revenue and $723.7 million in operating net income over the twelve months ending October 6, with $716.4 billion in total perpetual derivatives volume in the third quarter. The platform is also expanding HIP-3, its perpetual futures system, which accounted for 36.6% of total perpetual derivatives volume in the third quarter.
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